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ASSET RETIREMENT OBLIGATIONS

12 Months Ended

Dec. 31, 2020

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS

NOTE 13 ASSET RETIREMENT OBLIGATIONS

The Company is responsible for reclamation of certain past and future disturbances at its properties. The most significant properties subject to these obligations are the Gold Bar and Tonkin properties in Nevada, the Timmins properties in Canada, and the El Gallo Project in Mexico.

A reconciliation of the Company’s asset retirement obligations for the years ended December 31, 2020 and 2019 are as follows:

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​	​	​	​	​	​
​	December 31, 2020			December 31, 2019
Asset retirement obligation liability, beginning balance	$	32,201	​	$	29,402
Settlements		(267)	​		(513)
Accretion of liability		1,901	​		1,680
Adjustment reflecting updated estimates		(54)	​		1,012
Foreign exchange revaluation	​	219	​	​	620
Asset retirement obligation liability, ending balance	$	34,000	​	$	32,201
Less current portion	​	3,232	​	​	2,610
Long-term portion	$	30,768	​	$	29,591

​

The adjustment reflecting updated estimates during the year ended December 31, 2020 primarily relates to a $0.1 million increase in obligations in Nevada (2019 – included a reduction of $5.3 million in the estimated environmental obligations for the Black Fox mine offset by an increase of $4.3 million for the estimated environmental obligations for the Gold Bar mine).

Reclamation expense in the Statement of Operations includes adjustments for updates in the reclamation liability for properties that do not have reserves in compliance with Guide 7. Reclamation accretion for all properties is as follows:

​

​	​	​	​	​	​	​	​	​
​	Year ended December 31,
​	2020		​	2019		​	2018
Reclamation adjustment reflecting updated estimates	$	(113)	​	$	1,851	​	$	2,259
Reclamation accretion	​	1,901	​	​	1,680	​	​	1,205
Total	$	1,788	​	​	3,531	​	$	3,464

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- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 410
-SubTopic 20
-URI http://asc.fasb.org/subtopic&trid=2175671

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- References

No definition available.

+ Details

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